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Kathmandu Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 17.22% gross of fees and 16.64% net of fees compared to 10.56% for the Standard & Poor’s 500 Total Return Index and 11.52% for the MSCI ACWI Total Return benchmark. The portfolio experienced a ~30% swing over the past quarter, due to heightened market volatility stemming from tariff worries. Despite these worries, the portfolio delivered positive results driven by capital flows seeking opportunities outside the U.S. and a rebound in domestic equities as tariff worries began to ease. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Kathmandu Capital highlighted stocks such as Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB). Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) is an airport operator in Mexico. The one-month return of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) was -4.82%, and its shares gained 63.48% of their value over the last 52 weeks. On August 12, 2025, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) stock closed at $107.72 per share, with a market capitalization of $5.084 billion.
Kathmandu Capital stated the following regarding Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) in its second quarter 2025 investor letter:
“Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB) is a leading airport operator in Mexico, founded in 1998 as part of the country’s airport privatization initiative. The company operates 13 airports under a 50-year concession granted by the Ministry of Communications and Transportation (SCT), with the possibility of a 50-year extension. Under this agreement, OMAB must pay a concession tax (up recently from 5% to 9% of gross revenue beginning in 2024), provide continuous and non-discriminatory services, maintain infrastructure, and fulfill investment obligations under its Master Development Program (MDP). These MDPs are reviewed every five years, during which the SCT establishes minimum capital spending requirements for the next period.
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